Q+A: "I moved to Oregon recently from another state to be closer to my grandkids. Is my Will from my old state still valid, or do I need a new one?"

Question:

I moved to Oregon recently from another state to be closer to my grandkids. Is my Will from my old state still valid, or do I need a new one?

Answer:

Welcome to Oregon! The short answer is that a Will validly created in one state is generally accepted in another, but relying on it can be risky.

Here’s the issue: While the document might be technically valid, the laws governing how it is interpreted can vary significantly from state to state.

• Personal Representatives/Trustees/Agents: You may need to update who you have chosen for certain roles in your estate plan, as it may be impractical for out-of-state parties to serve in those roles.

• Powers of Attorney: Banks and other institutions are often hesitant to accept out-of-state forms they don’t recognize, which can cause delays during an emergency.

• Medical Directives: Each state has its own requirements for its healthcare documents, and in many states (like Oregon), those documents are laid out by the state legislature. It may cause delays if a hospital has to have legal review a medical directive that is not our Oregon Advance Directive.

• Marital Property: Moving from a "Community Property" state to a "Separate Property" state (or vice versa) can drastically change how your assets are treated.

• Estate Taxes: Moving to Oregon means you now have the lowest exemption rate in the nation for estate taxes at death. You need to understand what estate tax liability you may face and embark on planning to reduce or avoid it.

The Solution: 

You may need to totally start from scratch, which is a bummer, but you should have a local attorney review your situation to make the determination. We can often create a "restatement" of an existing trust, but just about every other document likely needs to be redone to ensure your plan works smoothly in your new home. Call us at (503) 235-5150.